Throughout the Enron post-mortem, financial accounting irregularities and the audacious use of special purpose entities for off-balance sheet financing purposes have been the focus of attention. Seldom acknowledged is the fact that Enron had in place a comprehensive, state-of-the-art and award-winning management control and governance system, and that during Richard Kinder’s term as president from 1986 to 1996, Enron operated with a highly effective management control system.